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SBV warns about fake bank cards

Update: December, 27/2014 - 10:09
Fake cards seized by police. The central bank has provided guidelines for the prevention of payments via fake international bank cards. —VNA/VNS Photo Minh Tam
HA NOI  (VNS) — The State Bank of Viet Nam (SBV) has advised its urban and provincial branches and payment service providers nationwide to enhance the inspection and monitoring process for card payments.

The central bank's Document No. 9626/NHNN-TT issued on December 25 provides guidelines for the prevention of payments via fake international bank cards.

The branches and service providers are required to check places that accept card payments, especially those with short-term operations. They must examine the conditions and procedures that govern the operation of these sites that accept card payments, especially for those that have just opened their doors. They must also categorise them to localise risks.

The SBV requires these providers and branches to inform their officers of the methods the criminals use to perpetrate card fraud. The bank requested them to draft a plan to shift to a chip card system to help curb the growing number of card fraud cases. These measures will also limit the risk and losses for both parties involved in card transactions.

The organisations must also place warnings at automatic teller machines (ATMs) and points of sale (POS) to warn their clients to be vigilant against these criminals.

Branches of the central bank must enhance the examination and monitoring procedures of ATMs/POS to ensure the security of the systems. They have been requested to report cases related to the security of card payments.

The warning was issued in response to a recent card fraud incident. The SBV revealed that a Vietnamese businessman had recently founded a company and signed a contract with various banks to accept card payments. The founder then used fake cards on payment card machines to perform international transactions. — VNS

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